how do I record a dep[osit paid to a supplier r
Comments
-
We just paid a deposit of $1000 for 2 x ATVs (for our wholesale nursery). The deposit was paid by credit card and I used "Enter Credit Card Charge" to record it. You could also use "Write Cheques" to record this, or if you know the total amount of your purchase, you can enter the total amount as a "Bill" then use "Pay Bills" to make a part payment. The supplier should give you an invoice/receipt that shows that you have paid the deposit.0
-
I set up an asset account, type bank, called deposits paid. The post the payment to this account. When the invoice is received used this amount to part pay.0
-
I prefer to use a “Write Chq” posting to Accounts Payable with the Supplier selected again in the Cust:Job column.
This allows it to remain sitting in “Pay Bills” as a credit to apply when receiving the bill. It shows as a credit in the A/P until used but as a negative liability is an asset, I find this option the clearest in terms of entry/identification.
(Importantly, it also prevents the GST component coming in to play until allocated to a Bill as there is no GST on Deposits!)
Shaz Hughes Dip(Fin) ACQ NSW, MICB
Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)
Accounted 4 Bookkeeping Services
Ballajura, WA
0422 886 003
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
0
Categories
- All Categories
- 6.9K Accounts Hosted
- 11 📢 Reckon Accounts Hosted - Announcements
- 6K Reckon Accounts (Desktop)
- 3 📢 Reckon Accounts Desktop - Announcements
- 1.2K Reckon Payroll 🚀
- 21 📢 Reckon Payroll - Announcements
- 21 Reckon Payroll Help Videos 🎥
- 21 Reckon Mate App
- 3.1K Reckon One
- 7 📢 Reckon One - Announcements
- 11 Reckon Invoices App
- 14 Reckon Insights
- 114 Reckon API
- 830 Payroll Premier
- 326 Point of Sale
- 2K Personal Plus and Home & Business
- 74 About Reckon Community